(table: fish and coconut production possibilities) use table: fish and coconut production possibilities. the table shows the maximum number of fish and coconuts that tom and hank can produce if they produce only one good. in the absence of trade, tom produces and consumes 9 fish and 2 coconuts, and hank produces and consumes 3 fish and 2 coconuts. now they decide to engage in trade. which statement is incorrecta. after trade it is possible for tom to consume 9 fish and 2.5 coconuts and for hank to consume 3 fish and 2.5 coconuts.
b. for each individual, the consumption point after trade will lie outside that individual's production possibility frontier.
c. for both to become better off, each should specialize completely in the production of the good in which he has a comparative advantage.
d. for both to become better off, each should specialize in the production of some good. however, since hank is equally productive in both goods, it doesn't matter which good each specializes in.

cranium, inc., purchases term papers from an overseas supplier under a continuous review system. the average demand for a popular mode is 300 units a day with a standard deviation of 30 units a day. it costs $60 to process each order and there is a five−day lead−time. the holding cost for a paper is $0.25 per year and the company policy is to maintain a 98% service level. cranium operates 200 days per year. what is the reorder point r to satisfy a 98% cycleminus−service level? a. greater than 1,700 unitsb. greater than 1,600 units but less than or equal to 1,700 unitsc. greater than 1,500 units but less than or equal to 1,600 unitsd. less than or equal to 1,500 units

Suppose that hubert, an economist from an am talk radio program, and kate, an economist from a nonprofit organization on the west coast, are arguing over government bailouts. the following dialogue shows an excerpt from their debate: kate: to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. hubert: indeed, it’s gotten crazy! a government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. kate: i don’t know about that. without a bailout of severely distressed financial firms, the economy will experience a deep recession. the disagreement between these economists is most likely due todifferences in scientific judgments . despite their differences, with which proposition are two economists chosen at random most likely to agree? business managers can raise profit more easily by reducing costs than by raising revenue. central banks should focus more on maintaining low unemployment than on maintaining low inflation. employers should not be restricted from outsourcing work to foreign nations

Why do police officers get paid less than professional baseball players?